The Chilean's side lost heavily to Tottenham
at White Hart Lane on Saturday but return to European action in midweek
and the 62-year-old is bullish about their chances at European success.
City hadn't progressed to past the group stage of the Champions League prior to the arrival of the former Malaga manager. While progress has been made with the Chilean in charge they have been eliminated at the last 16 stage in the past two seasons.
However, Pellegrini who can count on the experience of leading Villarreal to the semi-finals and Malaga to
the last eight prior to taking over at the Etihad, is optimistic his side will eventually become European powerhouses.
Speaking to reporters ahead of their mid week Champions League game he said:
"We have played Barcelona in the last two years and if we had played Barcelona at Villarreal or Malaga then maybe we wouldn't have gone so far."
"This is a very young team compared with Barcelona, Real Madrid, Bayern Munich or Juventus. We are younger than the teams who normally win the Champions League over the last 10 years.
"Our team has only arrived in the last few years and we are improving every season.
"That will continue and I am absolutely sure that we will arrive to be an important team that wins the Champions League."
They face Bundesliga side Borussia Monchengladbach on Wednesday in the Champions League, and Pellegrini stated his side's determination not to lose focus on their domestic ambitions as they bid to achieve European success.
"Being a strong team in Europe must be our target but not at the expense of the Premier League," he said.
"One fake game in the Champions League and you can be out, while the Premier League is all about the work you do over the entire year.
"We must not concentrate on the one thing. It must be a target - but not an obsession. One day, though, we are going to be a strong team like Barcelona are today."
It will be recalled that City opened their 2015-16 Champions League campaign with a 2-1 loss to Juventus.
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